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(In)determinacy, increasing returns, and the optimality of the Friedman rule in an endogenously growing open economy

机译：确定性，内在增长的开放经济中弗里德曼法则的确定性，增加的收益和最优性

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This paper sets up a monetary endogenous growth model with Benhabib–Farmer production externalities for an open economy, and then uses it to investigate the possibility of indeterminacy. Moreover, the paper examines how the monetary authorities will set its optimal anchor of the money growth rate from the viewpoint of welfare maximization. Several main findings emerge from the analysis. First, when investment does not involve adjustment costs, the monetary equilibrium is locally determinate regardless of the strength of the labor externality and the extent of world capital market imperfections. Second, in the presence of investment adjustment costs, the monetary equilibrium may exhibit indeterminacy when the aggregate increasing returns-to-scale in production is sufficiently strong. Third, in the presence of world capital market imperfections, the Friedman rule of a zero nominal interest rate fails to be optimal. Fourth, in the face of perfect world capital markets, the optimal nominal money growth rate is maintained at the rate that is conformable to the Friedman rule, regardless of whether investment involves adjustment costs or not.
机译：本文利用Benhabib–Farmer的生产外部性为开放经济建立了货币内生增长模型，然后将其用于研究不确定性的可能性。此外，本文从福利最大化的角度研究了货币当局将如何设定其货币增长率的最佳锚点。分析得出了一些主要发现。首先，当投资不涉及调整成本时，无论劳动力外部性的强度和世界资本市场的不完善程度如何，货币均衡都是局部决定的。其次，在存在投资调整成本的情况下，当总的规模生产总回报率增长足够强劲时，货币平衡可能会表现出不确定性。第三，在世界资本市场不完善的情况下，名义利率为零的弗里德曼规则并不是最优的。第四，面对理想的世界资本市场，无论投资是否涉及调整成本，最优名义货币增长率都应保持与弗里德曼规则相符的增长率。

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